- DOT’s stochastic was overbought at the time of writing.
- However, metrics as well as other indicators look bullish.
On January 7, Polkadot [DOT] It tweeted about its successes for the week. The blockchain network achieved its highest price performance in seven days, with a 7.2% increase. This feat was more than any other large chains.
Cosmos [ATOM] Fantom [FTM] The second and third places were taken by a respective pair of women.
The top-ranked blockchains #Polkadot The price performance of the chain had the highest in the past 7 days, with 7.2% growth. This was higher than many large chains.👀
Let’s celebrate! Take a look at the graphic below to see more details🔥#DOT $DOT #ATOM #FTM #BNB #AVAX #ETH #XLM pic.twitter.com/AR7TecCBGn
— Polkadot Insider (@PolkadotInsider) January 7, 2023
Polkadot’s growth was also clear considering CoinMarketCap’s data, as the token’s price increased by 8% in the last week. It was trading at $4.68 at press time with a market capitalization exceeding $5.3 billion.
However, the table might turn soon as CryptoQuant’s data revealed that DOT’s stochastic was in an overbought position, suggesting a trend reversal soon.
Read Polkadot’s [DOT] Price Prediction 2023-24
What’s working in DOT’s favor?
Other than the price action DOT Also, a new proposal titled “The New Proposal” was passed. Referendum 91. The proposal’s main purpose was to lift the limits imposed on the nomination pools, which inhibited the number of nomination pools to 64 in Polkadot. This will prevent potential risks associated with the launch.
A look at Santiment’s chart revealed that the metrics were also working in DOT’s favor, as they suggested a continued uptrend in the coming days.
For instance, DOT’s Binance funding rate remained relatively high, indicating high demand in the derivatives market. To no surprise, DOT’s development activity also increased, which was a positive signal for a blockchain.
DOT’s positive sentiments also remained high, which is a signal of the community’s trust in Polkadot. The token made it to the list One of the most sought-after tokens in the early 2023 days on LBank.
How many? You can get a DOT for as low as $1?
Polkadot bulls will be around for a while longer
Surprisingly, the market indicators, as well as the metrics, were quite bullish. Polkadot. Relative Strength Index (RSI), registered an increase, and was at or near the neutral point. A surge was also seen in the Chaikin Money Flow, which increases the likelihood of a price rise.
DOT’s Moving Average Convergence Divergence (MACD) displayed a bullish crossover, suggesting a buyer’s advantage in the market. The Exponential Moving Average Ribbon (EMA) indicated that bears had the upper hand, as the 20-day EMA was still below the 55 day EMA.